Braze's (BRZE) Buy Rating Reaffirmed at Needham & Company LLC

Braze (NASDAQ:BRZE - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at Needham & Company LLC in a report issued on Monday,Benzinga reports. They currently have a $50.00 target price on the stock. Needham & Company LLC's target price suggests a potential upside of 17.59% from the stock's previous close.

Other equities analysts have also issued reports about the stock. Stifel Nicolaus lifted their target price on shares of Braze from $37.00 to $48.00 and gave the company a "buy" rating in a report on Tuesday, December 10th. Piper Sandler boosted their target price on Braze from $40.00 to $48.00 and gave the stock an "overweight" rating in a report on Tuesday, December 10th. Macquarie raised their price target on Braze from $30.00 to $39.00 and gave the company a "neutral" rating in a report on Wednesday, December 11th. Oppenheimer reiterated an "outperform" rating and issued a $51.00 price target on shares of Braze in a research note on Tuesday, December 10th. Finally, William Blair restated an "outperform" rating on shares of Braze in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating and nineteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $53.74.

Braze Trading Down 2.4 %

Shares of BRZE stock traded down $1.03 during midday trading on Monday, reaching $42.52. 619,391 shares of the stock were exchanged, compared to its average volume of 1,108,523. The firm has a market cap of $4.40 billion, a PE ratio of -37.30 and a beta of 1.13. The company's 50 day moving average is $43.29 and its two-hundred day moving average is $38.98. Braze has a 1 year low of $29.18 and a 1 year high of $61.53.

Insider Activity

In other news, insider Myles Kleeger sold 9,225 shares of the business's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $34.45, for a total value of $317,801.25. Following the completion of the transaction, the insider now directly owns 190,738 shares of the company's stock, valued at approximately $6,570,924.10. The trade was a 4.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William Magnuson sold 17,933 shares of the business's stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $34.45, for a total transaction of $617,791.85. Following the completion of the transaction, the chief executive officer now owns 582,816 shares of the company's stock, valued at $20,078,011.20. This represents a 2.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 184,583 shares of company stock worth $7,797,668. Company insiders own 24.03% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. purchased a new position in shares of Braze in the 4th quarter valued at approximately $47,000. KBC Group NV raised its holdings in shares of Braze by 41.5% in the third quarter. KBC Group NV now owns 2,097 shares of the company's stock worth $68,000 after buying an additional 615 shares during the last quarter. Amalgamated Bank lifted its stake in shares of Braze by 18.9% during the third quarter. Amalgamated Bank now owns 2,253 shares of the company's stock worth $73,000 after buying an additional 358 shares during the period. Plato Investment Management Ltd acquired a new position in shares of Braze in the 4th quarter valued at $115,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Braze in the 4th quarter valued at $165,000. 90.47% of the stock is owned by institutional investors and hedge funds.

About Braze

Braze, Inc operates a customer engagement platform that provides interactions between consumers and brands worldwide. The company offers Braze software development kits that automatically manage data ingestion and deliver mobile and web notifications, in-application/in-browser interstitial messages, and content cards; REST API that can be used to import or export data or to trigger workflows between Braze and brands' existing technology stacks; Partner Data Integrations, which allow brands to sync user cohorts from partners; Data Transformation, in which brands can programmatically sync and transform user data; and Braze Cloud Data Ingestion that enables brands to harness their customer data.